Will a 16 pound bowling ball sink to the deepest part of the ocean and how long would it take?

The bowling ball would sink. It comes down to density, although pressure would keep building as the depth grew, the density of water stays the same. As does the ball. Never would the ball lose mass. Therefore it can never float or be suspended by water. Would a current take it? It is possible, some currents are quite strong however it would not be able to travel too far as it would sink at a rapid rate. It would hit the bottom in a fairly short amount of time, and although many objects would implode under such great pressure, a solid bowling ball is so hard and resilient that it would not implode. If you could measure it in intervals smaller than a millimeter it might shrink but nothing you could determine with a ruler.

This question isn't possible, since you haven't specified enough information to determine the density of the bowling ball.

Some bowling balls float, some bowling balls sink. Not all bowling balls are made from the exact same material.